{"id":153739,"date":"2018-07-18T00:09:21","date_gmt":"2018-07-18T04:09:21","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-watch-bullish-pattern-confirmation\/153739"},"modified":"2021-08-24T06:58:42","modified_gmt":"2021-08-24T10:58:42","slug":"bitcoin-btc-price-watch-bullish-pattern-confirmation","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-watch-bullish-pattern-confirmation","title":{"rendered":"Bitcoin (BTC) Price Watch: Bullish Pattern Confirmation!"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong>Bitcoin Price Key Highlights<\/strong><\/p>\n<ul>\n<li>Bitcoin price finally broke above the neckline of its <a href=\"https:\/\/www.newsbtc.com\/2018\/07\/17\/bitcoin-btc-price-watch-waiting-for-reversal-confirmation\/\">inverse head and shoulders pattern<\/a> to signal that a rally is underway.<\/li>\n<li>The chart pattern is around $1,000 tall so the uptrend has room to go, but a pullback might take place.<\/li>\n<li>Technical indicators are showing mixed signals while sentiment favors more bitcoin price gains.<\/li>\n<\/ul>\n<p><em>Bitcoin price made a strong upside break from the neckline of its inverse head and shoulders pattern.<\/em><\/p>\n<p><strong>Technical Indicators Signals<\/strong><\/p>\n<p>The 100 SMA just crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This confirms that the reversal is more likely to gain traction than to retreat.<\/p>\n<p>The chart pattern spans $5,800 to $6,800 so the resulting uptrend could be of the same size. This could be enough to take bitcoin price to $7,800 so it\u2019s not too late to join the rally. However, stochastic is already indicating overbought conditions so there may be some profit-taking here.<\/p>\n<p>Once the oscillator heads south, bitcoin price might follow suit and retest the broken neckline before resuming the climb. Stochastic is also in overbought territory to indicate that buyers are exhausted and that sellers might take over.<\/p>\n<div class=\"wp-caption alignnone\">\n<p><img decoding=\"async\" class=\"size-large wp-image-340752\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/07\/180718_bitcoin-1100x685.png\" alt=\"\" width=\"1100\" height=\"685\" \/><\/p>\n<p class=\"wp-caption-text\">BTCUSD Chart from TradingView<\/p>\n<\/div>\n<p><strong>Market Factors<\/strong><\/p>\n<p>The recent run higher is being attributed to the pickup in institutional interest after it was reported that hedge funds are looking to invest in the space. In particular, confirmation from BlackRock\u2019s CEO that the world\u2019s largest asset manager formed a team to look at crypto investments drew traders back to bitcoin.<\/p>\n<p>It\u2019s worth noting that the US dollar also had a good run in recent sessions but proved no match to bitcoin strength. Risk appetite popped back in the US session and investor confidence may have also contributed to bitcoin price gains.<\/p>\n<p>Positive views on the regulatory moves in South Korea are also being lauded for shoring up the legitimacy of the cryptocurrency market. Although other notable developments were reported in the past weeks, it seems that most bulls are just pricing in their reaction more recently.<\/p>\n<p>&nbsp;<\/p>\n<p>The post <a href=\"https:\/\/www.newsbtc.com\/2018\/07\/18\/bitcoin-btc-price-watch-bullish-pattern-confirmation\/\" rel=\"nofollow\">Bitcoin (BTC) Price Watch: Bullish Pattern Confirmation!<\/a> appeared first on <a href=\"https:\/\/www.newsbtc.com\/\" rel=\"nofollow\">NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">&nbsp; Bitcoin Price Key Highlights Bitcoin price finally broke above the neckline of its inverse head and shoulders pattern to signal that a rally is <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-watch-bullish-pattern-confirmation\" title=\"Bitcoin (BTC) Price Watch: Bullish Pattern Confirmation!\">[&#8230;]<\/a><\/div>","protected":false},"author":169,"featured_media":153742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-153739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin (BTC) Price Watch: Bullish Pattern Confirmation! 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